NiftyPays has announced its initial DEX offering (IDO) on the popular launchpad Trustpad on 18th November 2021.
NiftyPays is a Decentralized NFT liquidity Protocol enabling lending-borrowing and staking opportunities against NFTs(aka Nifties). It is an innovative concept to benefit the increasing holders of Nifties (Non-Fungible Tokens).
The ecosystem revolves around $NIFTY — a utility token that introduces an incentive mechanism to allow NFT holders to transact in a peer-to-peer manner for various useful functions, such as fractionalization of NFTs, or lending and borrowing of NFTs. Also, the option of “delegated” staking helps listing partners get more exposure on the platform.
NiftyPays’ lending solution follows a sophisticated NFT pricing discovery model, which depends on the history and price predictability of the collateral. NFTs which can be assigned a value are traded as standard digital assets, while those with no valuation follow a P2P model.
Holders of the $NIFTY token can also vote on various features and parameters of the platform.
Details about NiftyPays IDO
NiftyPays token distribution will be in two scenarios,
- For VulcanForged NFT holders: The allocation is already guaranteed. 150k allocation has been reserved for them. We will take a snapshot on 15th November and provide the payment link to corresponding NFT holders.
- IDO hosted on TrustPad: NiftyPays will also host its IDO on the popular launchpad Trustpad on 18th November 2021.
Everyone is eligible for public sale participation. All you have to do is be the owner of NiftyPays~VulcanForged NFTs or participate in TrustPad IDO on 18th November.
The NIFTY reinsurance pool will be a voluntary participation pool of $NIFTY tokens. This pool can be used to compensate lenders in case NFT collateral cannot be sold to repay a loan fully. Participants in this pool will be rewarded with a percentage of all fees collected on the platform in exchange for them securing the loans.
Once the raise is live, the guaranteed allocation round will last approximately 6 hours, followed by an FCFS (First come first serve) round which is only for TPAD(TrustPad).
Post receiving your token allocation you can use your already held NFTs for:
- Owners will receive early access to Nifty Karma staking pool offering huge APY yields.
- Owners stake the purchased NFTs on the NiftyPays platform(once live) as collateral or for lending. The APY for these staked NFTs will dynamically range based on utilisation of the firm’s AMM pool.
- Each NFT will have its own rarity and owners are free to sell them on open marketplaces.
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